Current State of the Middle East
Promethean Action takes a look at the latest developments in the Middle East.
Treasury Secretary Scott Bessent says the U.S. is escalating economic isolation measures against Iran and forecasts the Strait of Hormuz will become “irrelevant” within two years. Meanwhile Energy Secretary Chris Wright argues shipping continues under escorts and rerouting, citing 8–9 million barrels/day still moving through the strait plus 6 million diverted via expanding pipelines. This statement puts the lie to Big Media’s claims about what is going on over there.
The fearmongers said oil prices would hit $200/barrel when the Iran war started. How accurate were those predictions? Everyone knows that $200/barrel did not happen. How close did we come? $180? Nope. $160. Nope. How about $140? Not even close. The top price for oil was just over $112/barrel. That was in early April. Currently it hovers around $80/barrel. It should continue to gradually decrease.
